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...Citi expects Nvidia and Eli Lilly alone will make up a quarter of S&P 500 earnings growth in 2024. How’s everyone feeling about this rally? Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. 2024 vs 2021 There is not, so far as we know, an agreed-upon marker for the birth of a bull market....
...Email me: robert.armstrong@ft.com. Friday interview: Aswath Damodaran Professor Aswath Damodaran of New York University is probably the world’s pre-eminent academic expert on equity valuation....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...Anyway, it will be fun to watch, and I’m curious to hear your thoughts: robert.armstrong@ft.com....
...So I think I’m a great S&P 500 tracker fund guy....
...If you have strong opinions about anything else, send them along: robert.armstrong@ft.com and ethan.wu@ft.com. Is the rally over?...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Where to find deals in US CRE As the great commercial real estate valuation reset rolls on, the ominous headlines keep coming....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Is Arm really an AI stock? It’s been a big week for the chip designer Arm Holdings....
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
...If you’re the hacker, claim credit: robert.armstrong@ft.com and ethan.wu@ft.com. Value revisited: where are the cheap stocks?...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. How did JPM become so dominant?...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Japan equities: what recession?...
...Robert ArmstrongThe biggest companies. Ethan WuYeah. On that basis, S&P 500 Equal Weight, in the past decade, returns have been 10 per cent, which is pretty respectable....
...Send us your thoughts: robert.armstrong@ft.com and ethan.wu@ft.com. Optimism blooms Most market pundits, ourselves included, did not think the S&P 500 would be up almost 20 per cent in late 2023....
...It’s got a pretty modest p/e ratio given how much profit growth it’s had, which is a lot. And the reason for that in part is it’s a competitive industry....
...The S&P sits at 22 times earnings, the Russell at 27: not in a bubble, but expensive....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Reserving judgment on inflation Markets took yesterday’s hotter-than-expected CPI inflation report hard....
...Email us about anything else: robert.armstrong@ft.com and ethan.wu@ft.com. NYCB gets worse It is a sign of our times that a pretty big US bank is in deep crisis and nobody much cares....
...Send us yours: robert.armstrong@ft.com and ethan.wu@ft.com. How fast can the Magnificent 7 grow?...
...Look at the chart below, showing forward price/earnings ratios for the S&P 500 over the past two decades....
...Also we go long the rest of the S&P 500 and short AI chatbots....
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